Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.19.3
Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes payable consists of the following at September 30, 2019 and December 31, 2018, respectively:

 

    September 30, 2019     December 31, 2018  
             
On December 26, 2018, the Company received proceeds of $100,000 from CSW on an unsecured promissory note due on demand that carries a 6% interest rate. On July 22, 2019, the principal and outstanding interest was exchanged for a convertible promissory note (See Note 9).   $ -     $ 100,000  
                 
On November 26, 2018, the Company received proceeds of $100,000 from CSW on an unsecured promissory note due on demand that carries a 6% interest rate. On July 22, 2019, the principal and outstanding interest was exchanged for a convertible promissory note (See Note 9).                -       100,000  
                 
Total notes payable   $ -     $ 200,000  

Schedule of Interest Expenses

The Company recognized interest expense for the nine months ended September 30, 2019 and the period from inception (March 27, 2018) to September 30, 2018, respectively, as follows:

 

    September 30, 2019     September 30, 2018  
             
Interest on convertible notes   $ 17,079     $ -  
Interest on advances from shareholders     16,053       4,891  
Interest on notes payable     6,674       -  
Amortization of beneficial conversion features     332,332       -  
Interest on accounts payable     8,611       244  
Total interest expense   $ 380,749     $ 5,135